The Central Bank of Myanmar (CBM) issued directive 6/2018 on 8 November 2018 which allows foreign banks with branches in Myanmar to provide any banking and financing to local entities, just like local banks.
Previously, foreign bank branches were only able to provide export financing as well as wholesale banking to foreign entities, foreign joint ventures and financial institutions.
The above change will provide greater access to financing to Myanmar companies.
KPMG can assist in assessing your investments into Myanmar or looking into new market opportunities. KPMG is experienced in advising clients looking to invest into Myanmar via acquisition of existing businesses or making greenfield investments into Myanmar.
Our team of dynamic professionals have the necessary experience in dealing with the intricacies of investing into Myanmar and will be able to offer practical advice and solutions. Please reach out to us to discuss and understand the impact to your investment in Myanmar.
KPMG Myanmar Updates highlight the latest tax and regulatory developments, impending changes to law or regulations, current practices and potential problem areas that may impact your company. As certain issues discussed herein are time sensitive, it is advisable to make your plans accordingly.